Union Insurance turns slight profit in 2005
Friday, February 17, 2006, 13:10
Union Insurance Rt registered a Ft 10 million profit before taxes in 2005, the first one since it came to Hungary, meeting the expectations of its Austrian owner, the Vienna Insurance Group, formerly Wiener Stadtische, Union Insurance CEO Miklós Zsoldos announced on Wednesday. Union Insurance had premium revenue of Ft 14.5 billion in 2005, 51% more than a year earlier and eight times more than in 1999 when Wiener Stadtische Union Insurance purchased it from Swiss Life. Union was the eighth biggest insurer on the market last year in terms of premium revenue. Revenue from non-life insurance policies came to Ft 10.9 billion last year, including Ft 8.8 billion from vehicle policies, and life policies generated Ft 3.5 billion in revenue. Premium revenue on home insurance and business asset and liability insurance doubled in 2005, but growth in the life insurance segment was less than expected, Zsoldos said.